One of the most significant cryptocurrency exchanges, Bitfinex added support for SegWit upgrade. According to the Bitfinex, the implementation of SegWit benefits its user from lower BTC withdrawal fees and faster the transaction process time.
Bitfinex supports SegWit
In a medium blog post, the Bitfinex team said that,
“The SegWit implementation means Bitfinex users can benefit from lower BTC withdrawal fees (approximately 15 percent) and improved processing times on transactions across the Bitcoin network”.
The SegWit (Segregated Witness) is a soft-fork software which modifies the process of cryptocurrency transaction. Further, it helps to increase block size limits by making signature data separate from transactional data in overall Bitcoin transactions. Likewise, it fixes transaction flexibility, which is before network confirmation based on the modification of transaction IDs.
The CTO of Bitfinex, Paolo Ardoino,
“As a premier exchange, Bitfinex is committed to improving its market-leading offering for our loyal and discerning customers. SegWit provides not only an immediate benefit for users but also a foundation for future Bitcoin development. By supporting SegWit addresses, Bitfinex is tackling three of the biggest crypto-enthusiast concerns: transaction fees, transaction speed, and total network capacity. It’s delightful that through this implementation we can provide our customers with Bitcoin withdrawal fees that are up to 20% lower, as well as faster than ever transaction speeds”.
SegWit also holds a grip on Bitcoin futures development efforts includes Lightning Network, which allows millions of transactions per second.
Moreover, the note to implement that SegWit is applicable only for Bitcoin, not Bitcoin Cash. So, do not send Bitcoin Cash to a Bitcoin address, if you do so the Bitcoin Cash will be lost. It is essential to confirm once before proceeding.
SegWit Rush by Coinbase Cryptocurrency Exchange
Similarly, Coinbase cryptocurrency exchange is adopting SegWit Support. Few days before, the final testing phase for Bitcoin SegWit was on the process to lower the network congestion and skyrocketing fees.
The Coinbase is carefully considering the values of SegWit regarding priorities on securing customer funds. Besides, ensuring the platform remains performant in the long run.